Tax Laws Amendment (Countering Tax Avoidance and Multinational Profit Shifting) Act 2013 (101 of 2013)
Schedule 2 Modernisation of transfer pricing rules
Part 2 Other amendments
Taxation Administration Act 1953
48 At the end of section 284-90 in Schedule 1
(3) An entity's reasonably arguable threshold for an income year is:
(a) unless paragraph (b) applies - the greater of the following amounts:
(ii) 1% of the income tax payable, or *MRRT payable (as the case requires), by the entity for the income year, worked out on the basis of the entity's *income tax return or *MRRT return (as the case requires); or
(b) if the entity is a trust or partnership - the greater of the following amounts:
(ii) 2% of the entity's *net income (if any) for the income year worked out on the basis of the entity's *income tax return.
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